The institutional buying cluster is directionally bullish but lacks insider corroboration and follows a strong earnings beat that may already be priced in. Monitor for follow-through buying in Q3 2026 13F filings and any insider open-market purchases to confirm conviction. The stock's poor historical T+20 win rate (20%) on prior reports suggests caution on near-term momentum.
Executive Summary
An institutional cluster of 11 buyers and 4 sellers emerged in CDNS during Q2 2026, with net buying of $188.1M, concentrated in active asset managers. The buying follows Cadence's strong Q2 earnings beat (revenue +24% YoY, non-GAAP EPS +28% YoY) and raised full-year guidance, suggesting institutions are positioning for continued AI-driven EDA demand. However, the cluster is dominated by smaller active managers and lacks insider buying corroboration, while the stock has a poor historical win rate (20% T+20) on prior reports, tempering conviction.
Key Financial Metrics
Institutional Positions
Net institutional flow: $188.1M
▲ Buyers (11)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Citigroup | ADD | +35.5% | $243.6M | $110.5M |
| Strs Ohio | DOUBLED | +114.7% | $46.9M | $30.7M |
| Asset Management One Co. | ADD | +26.7% | $57.5M | $23.9M |
| Erste Asset Management | ADD | +41.2% | $24.6M | $11.9M |
▼ Sellers (4)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Principal Financial Group | TRIM | -29.4% | $524.9M | -$24.0M |
| Mediolanum International Funds | EXIT | -100% | $12.9M | -$12.9M |
| Robeco Institutional Asset Management B.v. | TRIM | -27.2% | $186.8M | -$3.0M |
Key Facts
- 11 institutional buyers added $188.1M in net new CDNS positions during Q2 2026
- Top buyer Citigroup added $110.5M (+35.5% shares), now holding $243.6M
- STRS Ohio doubled its position (+114.7%), adding $30.7M to reach $46.9M
- 4 sellers reduced by $41.2M, led by Principal Financial Group trimming $24.0M (-29.4%)
- Filing follows Q2 2026 earnings beat: revenue $1.584B (+24% YoY), non-GAAP EPS $2.11 (+28% YoY), raised FY guidance
- No open-market insider buying corroborates the institutional cluster
- Prior CDNS reports show only 20% win rate at T+20, with average alpha +0.42%
Financial Impact
11 institutions accumulated $188.1M in net new CDNS positions while 4 sellers reduced holdings by $41.2M, for net institutional inflow of ~$147M
Risk Factors
- 45-day 13F reporting lag means Q2 positions may have been partially unwound by now
- No insider buying to corroborate institutional conviction
- Historical CDNS reports show only 20% win rate at T+20, indicating poor timing signal
- Cluster dominated by smaller asset managers; no activist or high-alpha hedge fund names
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-CDNS-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 27, 2026 5w ago | Insider Cluster | $340.39 $326.70 | ▼ −4.02% | ▼ −4.53% | — |
Aug 25, 2026 5w ago | Insider Cluster | $334.68 $294.90 | ▼ −11.89% | ▼ −13.09% | — |
Aug 17, 2026 6w ago | Court Ruling | $323.47 $273.96 | ▼ −15.31% | ▼ −13.33% | — |
Aug 13, 2026 7w ago | Court Ruling | $323.77 $289.37 | ▼ −10.62% | ▼ −8.88% | — |
Aug 6, 2026 8w ago | Institutional Cluster | $338.42 $304.88 | ▼ −9.91% | ▼ −10.51% | — |
Jul 28, 2026 9w ago | Court Ruling | $344.72 $331.90 | ▼ −3.72% | ▼ −7.10% | — |
Jul 27, 2026 9w ago | 8-K | $344.72 $331.90 | ▼ −3.72% | ▼ −7.10% | — |
Jul 24, 2026 10w ago | Insider Cluster | $326.24 $318.75 | ▲ +2.30% | ▲ +5.92% | — |
Jul 20, 2026 10w ago | Court Ruling | $329.93 $323.47 | ▼ −1.96% | ▼ −6.08% | — |
Jul 16, 2026 11w ago | ANALYST-UPGRADE | $364.65 $323.77 | ▼ −11.21% | ▼ −14.83% | — |
US Market Status
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